Tag: south korea

SK Energy has already loaded another cargo of crude from Iran. The largest refiner in South Korea, SK Energy, is taking advantage of the relatively newly available oil insurance to load its second crude cargo from Iran, skirting the coverage ban from the European Union that brought the shipments to a standstill for nearly two months. Two million barrels are being shipped in this second run, while avoiding the sanctions. The oil insurance was provided by Iran, itself, making it possible to step around the problems that had previously halted…

Despite insurance coverage, South Korea nixes Iran oil purchases In insurance news headlines today, South Korea has halted its purchases of oil from Iran as the countries refiners lose access to their insurance coverage due to sanctions from the European Union. The EU instituted sanctions against Iran were enacted earlier this year and prevent ships carrying Iranian oil from receiving insurance coverage. The maritime insurance industry, much of which is represented by the United Kingdom, expressed concerns over the sanctions but quickly complied as the measures were enacted. South Korea…

South Korea to resume providing coverage next month South Korea plans to sidestep sanctions imposed against Iran by the European Union and will continue to provide the country with maritime insurance coverage beginning next month. South Korea is the latest Asian country that has chosen to ignore the sanctions, which have instituted a ban on providing ships carrying Iranian oil with insurance coverage. The sanctions have been subjected to a great deal of criticism because of their potential to cause economic damage. The maritime insurance that South Korea provides is…

A surprising development in the global insurance industry: North Korea has established its first investment insurance firm. The firm’s aim is to attract foreign investments to the troubled country. It is expected that the North Korean firm will purchase reinsurance policies from international companies and offer this coverage to companies looking to do business within its borders. The firm is being built to mimic an insurance system in South Korea, which has served as a way to help business owners recover from financial losses due to risky investments. Because of…